OPINION: One spouse will likely outlive the other. Here's how to plan for a comfortable old age.
If you’re married, it’s almost certain that one of you will outlive the other—perhaps by many years. What are the financial implications? Here are 10 issues to keep in mind:
3. Income annuities. Since immediate annuities are a type of pension, choosing “single life” or “joint and survivor” has similar consequences. It may be impossible to avoid IRMAA surcharges—which can range from $860.40 to $5,502 a year in combined extra premiums for Medicare Part B and Part D—if the surviving spouse is left with a large sum in traditional retirement accounts and is taking required minimum distributions. One piece of good news: Withdrawals from Roth accounts aren’t included in the IRMAA calculation.
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